Universal Mortgage & Finance Rates, Fees & Info
LUTHERVILLE, MDLEI: 549300FFPMB9B7FHNR61
Tax ID: 52-2276553
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Overview
Universal Mortgage & Finance is a smaller mortgage company specializing in Home Purchase and Refi loans. Universal Mortgage & Finance has a high proportion of conventional loans. They have a a high proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Washington, Baltimore, Virginia Beach, Reno, and California among others. Universal Mortgage & Finance has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Universal Mortgage & Finance is typically a high fee lendor.Originations
330Origination Dollar Volume (All Markets)
$110,920,000Relative Rate
Universal Mortgage & Finance 's average 30 year fixed rate mortgage of loans were
3.34%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of 0.19%.
Relative Fees
Universal Mortgage & Finance 's average total fees for a 30 year fixed rate
mortgage are $9,820.
The average total origination fees for 30 year fixed rate mortgages (for all loan values, including
both points & up-front fees in addition to origination fees) are $4,750.
Top Markets
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 133 | $48,815,000 | $367,030 | $11,028 | 3.29% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 81 | $25,855,000 | $319,198 | $9,558 | 3.23% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 31 | $9,415,000 | $303,710 | $7,802 | 3.34% |
| RENO, NV (FHA|USDA|VA) | 20 | $7,130,000 | $356,500 | $7,177 | 3.31% |
| CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) | 10 | $2,720,000 | $272,000 | $8,287 | 3.64% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 4 | $1,640,000 | $410,000 | $12,490 | 3.53% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 4 | $1,160,000 | $290,000 | $11,747 | 3.25% |
| ROANOKE, VA (FHA|USDA|VA) | 2 | $1,030,000 | $515,000 | $7,478 | 3.56% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $1,005,000 | $1,005,000 | $9,129 | 4.75% |
| Outside of Metro Areas | 6 | $970,000 | $161,667 | $5,273 | 3.31% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 2 | $780,000 | $390,000 | $5,395 | 3.44% |
| Fernley, NV (FHA|USDA|VA) | 2 | $760,000 | $380,000 | $7,868 | 3.31% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 3 | $695,000 | $231,667 | $7,467 | 3.92% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 2 | $570,000 | $285,000 | $5,225 | 3.88% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $10,408 | 3.25% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 2 | $500,000 | $250,000 | $6,223 | 3.50% |
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $5,503 | 3.25% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $6,786 | 3.99% |
| DALTON, GA (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $8,682 | 3.15% |
| RICHMOND, VA (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $3,312 | 3.38% |
| Gardnerville Ranchos, NV (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $9,057 | 3.25% |
| Cambridge, MD (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $10,877 | 3.44% |
| LYNCHBURG, VA (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $4,667 | 3.38% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $4,061 | 2.75% |
| ASHEVILLE, NC (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $0 | 2.59% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $19,917 | 3.75% |
| Jesup, GA (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $19,207 | 3.25% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $12,073 | 3.63% |
| STAUNTON, VA (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $0 | 2.57% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $5,298 | 2.88% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $7,600 | 4.00% |
| OCALA, FL (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $10,582 | 3.00% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $4,952 | 3.50% |
| Granbury, TX (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $6,869 | 3.88% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $11,098 | 3.75% |
| DOVER, DE (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $8,153 | 2.88% |
| CARSON CITY, NV (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $5,892 | 3.25% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $5,798 | 3.00% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $5,506 | 3.99% |
Universal Mortgage & Finance 's top markets include Washington, Baltimore, Virginia Beach, Reno, and California among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 182 | $58,350,000 | $320,604 | $7,073 | 3.38% |
| FHA | 106 | $35,700,000 | $336,792 | $13,448 | 3.25% |
| VA | 37 | $15,405,000 | $416,351 | $11,411 | 3.18% |
| USDA | 5 | $1,465,000 | $293,000 | $8,713 | 3.13% |
For the 2021 period, Universal Mortgage & Finance 's most frequently originated loan type of loans were Conventional, with 182 originations. Their 2nd most popular type is FHA, with 106 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Home Purchase | 186 | $66,170,000 | $355,753 | $10,761 | 3.36% |
| Refi | 77 | $25,045,000 | $325,260 | $7,442 | 3.13% |
| Cash Out Refi | 66 | $19,510,000 | $295,606 | $8,880 | 3.41% |
| Other | 1 | $195,000 | $195,000 | $0 | 3.25% |
For the 2021, Universal Mortgage & Finance 's most frequently cited loan purpose of loans were Home Purchase, with 186 originations. The 2nd most popular reason of loans were Refi, with 77 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 305 | $105,015,000 | $344,311 | $9,820 | 3.34% |
| 15 Year | 12 | $2,950,000 | $245,833 | $5,397 | 2.76% |
| Other | 7 | $1,555,000 | $222,143 | $7,722 | 2.99% |
| 20 Year | 5 | $1,215,000 | $243,000 | $8,251 | 3.52% |
| 10 Year | 1 | $185,000 | $185,000 | $4,529 | 2.75% |
For the 2021, Universal Mortgage & Finance 's most frequently cited loan length of loans were 30 Year, with 305 originations. The 2nd most popular length of loans were 15 Year, with 12 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 107 | $36,235,000 | $338,645 |
| $5k+ | 101 | $39,985,000 | $395,891 |
| $3k-4k | 77 | $23,225,000 | $301,623 |
| $2k-3k | 38 | $10,060,000 | $264,737 |
| $<1k | 1 | $305,000 | $305,000 |
$9,820 of loans were Universal Mortgage & Finance 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 107 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 215 | $70,895,000 | $329,744 |
| 2.5-3% | 68 | $24,920,000 | $366,471 |
| 4-5% | 24 | $7,330,000 | $305,417 |
| <2.5% | 23 | $7,775,000 | $338,043 |
During 2021, Universal Mortgage & Finance 's average interest rate of loans were 3.34%, while their most frequently originated rate bucket of loans were 3-4%, with 215 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $200k-400k | 186 | $54,420,000 | $292,581 | $8,875 | 3.30% |
| $400k-600k | 79 | $37,875,000 | $479,430 | $11,842 | 3.22% |
| $100k-200k | 46 | $7,520,000 | $163,478 | $6,041 | 3.50% |
| $600k-1MM | 14 | $9,820,000 | $701,429 | $18,476 | 3.26% |
| $100,000 or less | 4 | $280,000 | $70,000 | $5,506 | 3.75% |
| $1MM+ | 1 | $1,005,000 | $1,005,000 | $9,129 | 4.75% |
2021 saw Universal Mortgage & Finance place emphasis on $200k-400k loans with 186 originations, totaling $54,420,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $75k-100k | 85 | $27,475,000 | $323,235 | $10,213 | 3.39% |
| $100k-150k | 83 | $30,895,000 | $372,229 | $10,478 | 3.34% |
| $50k-75k | 71 | $19,005,000 | $267,676 | $8,221 | 3.20% |
| $150k-250k | 47 | $19,665,000 | $418,404 | $10,238 | 3.29% |
| $50k or less | 33 | $8,475,000 | $256,818 | $7,682 | 3.20% |
| $250k+ | 11 | $5,405,000 | $491,364 | $9,648 | 3.68% |
Universal Mortgage & Finance lent most frequently to those with incomes in the $75k-100k range, with 85 originations. The second most popular income band? $100k-150k, with 83 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 51 | $15,965,000 | $313,039 | $8,062 | 3.22% |
| 30-36% | 47 | $15,525,000 | $330,319 | $9,546 | 3.40% |
| 50-60% | 33 | $12,875,000 | $390,152 | $14,425 | 3.24% |
| 39% | 16 | $5,320,000 | $332,500 | $10,563 | 3.58% |
| 49% | 16 | $5,640,000 | $352,500 | $14,376 | 3.17% |
| 44% | 15 | $4,535,000 | $302,333 | $8,699 | 3.58% |
| 37% | 15 | $4,565,000 | $304,333 | $9,269 | 3.43% |
| 36% | 14 | $4,550,000 | $325,000 | $9,335 | 3.33% |
| <20% | 14 | $4,180,000 | $298,571 | $6,437 | 3.33% |
| 48% | 13 | $4,115,000 | $316,538 | $9,079 | 3.37% |
| 45% | 13 | $5,195,000 | $399,615 | $10,329 | 3.27% |
| 41% | 12 | $4,150,000 | $345,833 | $9,557 | 3.18% |
| 47% | 12 | $3,740,000 | $311,667 | $8,648 | 3.45% |
| 43% | 11 | $3,735,000 | $339,545 | $8,152 | 3.34% |
| 42% | 10 | $3,370,000 | $337,000 | $7,102 | 3.66% |
| 46% | 9 | $2,675,000 | $297,222 | $9,051 | 3.30% |
| 40% | 9 | $3,415,000 | $379,444 | $6,949 | 3.21% |
| 38% | 9 | $3,625,000 | $402,778 | $9,198 | 3.17% |
| >60% | 1 | $315,000 | $315,000 | $0 | 2.57% |
Universal Mortgage & Finance lent most frequently to those with DTI ratios of 20-30%, with 51 originations. The next most common DTI ratio? 30-36%, with 47 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 140 | $45,630,000 | $325,929 | $8,708 | 3.29% |
| Black | 138 | $45,400,000 | $328,986 | $10,564 | 3.35% |
| Not provided | 47 | $18,055,000 | $384,149 | $9,339 | 3.28% |
| Asian | 2 | $970,000 | $485,000 | $13,002 | 3.13% |
| Filipino | 2 | $560,000 | $280,000 | $6,353 | 3.63% |
| American Indian | 1 | $305,000 | $305,000 | $10,185 | 3.00% |
Approval Rates
Total approvals of all applications96.58%
Universal Mortgage & Finance has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination82.26%
Universal Mortgage & Finance has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 330 | $110,920,000 | $336,121 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 330 | $110,920,000 | $336,121 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 8 | $1,660,000 | $207,500 | $5,008 | 3.30% |
| 40-60% | 23 | $5,595,000 | $243,261 | $5,094 | 3.19% |
| 60-80% | 97 | $32,205,000 | $332,010 | $8,461 | 3.33% |
| 80-100% | 192 | $67,580,000 | $351,979 | $10,418 | 3.32% |
| Over 100% | 8 | $3,720,000 | $465,000 | $21,090 | 3.16% |
| Under 20% | 2 | $160,000 | $80,000 | $0 | 4.25% |
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| UNIVERSAL LENDING CORP. | Conventional home mortgage | Struggling to pay mortgage | 1 | 100.0% |
